Page 18 - Bank-Muamalat-AR2020

16 BANK MUAMALAT MALAYSIA BERHAD About Us Our Leadership Our Strategy
ANNUAL REPORT FY2020

CHAIRMAN’S
STATEMENT

DEAR VALUED SHAREHOLDERS,

2020 will go down in history as a year that
disrupted the world, with its profound
impact on the global economy and societal
norms. Countries around the globe
scrambled to curb the COVID-19 pandemic,
by closing borders and imposing movement
restrictions. New norms emerged and
digitalisation was rapidly adopted to sustain
economic activities.

th
At home, Bank Negara Malaysia in its 4
Quarterly Report revealed that the economy
experienced its biggest contraction since
the 1998 Asian Financial Crisis, shrinking
by 5.6% in 2020. To cushion Malaysians
from the economic fallout triggered by the
pandemic, the Ministry of Finance in its
Economic Outlook 2021 Report, disclosed
that the Government disbursed several
stimulus packages valued over RM300 billion,
comprising fiscal and non-fiscal measures.

Alhamdulillah, adequate liquidity buffers
provided banks with sufficient room
to withstand the external shock and pull
through the crisis. Looking beyond the
initial impact of the COVID-19 crisis,
Bank Muamalat will continue to support
the country’s economic recovery, focus on
its stakeholders’ needs, build resilience and
enhance digitalisation efforts.

DATUK SERI TAJUDDIN ATAN
CHAIRMAN